Maintenance of records and accounts under GST

With the advent of GST, a new phase of Indirect Tax regime begins in our country. However, the said change in taxation also has a huge impact on the accounting regime and accordingly various accounting records to be maintained by businesses under GST.

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Invoicing under GST

An invoice is a basic document issued as an acknowledgement of an executed transaction and contains details regarding details as instructed by the Government and details which the issuer may feel is necessary. Following are the details that the Government has specifically listed that needs to be mentioned on the Invoice issued under GST:

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Due dates for filing of Income tax returns

Filing of Income Tax returns is one of the major tax compliances to be made by all the persons residing in India or Abroad (having taxable income accruing or arising in India) and the non-compliance of it may entail interest and penalties. Following are the due date for filing of the ITR for Financial year 2016-17: Continue reading “Due dates for filing of Income tax returns” »

List of Services under Reverse Charge Mechanism under GST

Reverse charge mechanism means that, in case of specific goods or service, the recipient of goods or services shall be liable to pay GST under reverse charge instead of the provider of goods or services.

Following are the details of services which are covered under reverse charge mechanism: Continue reading “List of Services under Reverse Charge Mechanism under GST” »

All about Composition Scheme under GST

To ease the compliance burden of small taxpayers under GST, the government has come with the Composition scheme under which all the small taxpayers whose turnover is up to Rs. 75 lakhs ( Rs. 50 lakhs in case of few States) can register themselves under the composition scheme and can pay the taxes as per the provisions laid down with regard to the same. However, the said scheme is optional and subject to certain eligibility conditions. Continue reading “All about Composition Scheme under GST” »